Paramount in Talks to Sell BET Network for $1.6 Billion.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Palmeri, Christopher; Davis, Michelle F.; Shaw, Lucas 3 of 3

Abstract

Paramount Global is currently in exclusive talks to sell its Black Entertainment Television (BET) network for a reported $1.6 billion to $1.7 billion. The potential buyers include BET CEO Scott Mills and Chinh Chu, who heads the private equity firm CC Capital. This is not the first time this group has discussed purchasing BET, as they had previously offered a little under $2 billion. Other interested parties in the past have included media mogul Byron Allen and actor/filmmaker Tyler Perry. BET, founded in 1980 by Robert L. Johnson, has strong ties to successful Black entertainment creators such as Perry, Kenya Barris, and Rashida Jones. Paramount is looking to cut costs and increase profitability by $500 million. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/07, pN.PAG
  • Document Type:Article
  • Subject Area:Arts and Entertainment
  • Publication Date:2024
  • Accession Number:178213958
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